2015 Financial Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS City of Surrey

For the year ended December 31, 2015 [tabular amounts in thousands of dollars]

11. DEBT (CONTINUED) ii) Loans payable

Loans payable by Surrey City Development Corporation are as follows:

2014

2015

Demand loan, Grove LP, in the form of bankers’ acceptances bearing a stamping fee of 2.25% plus interest at the monthly bankers’ acceptance rate, secured by the underlying property and repayable on the sale of the development Croydon Drive Development LLP Loan payable, RBC, bearing interest at RBP plus 0.75% per annum, secured by the underlying property and repayable on the earlier of the receipt of commercial financing and May 31, 2015 Murray Latta loan payable, Bank of Montreal, 7-year term maturing May 1, 2020, payable in monthly payments of $22,942, including interest calculated at a rate of 3.86% per annum, secured by a mortgage on the commercial property Boundary Park loan payable, Citizen’s Bank of Canada, 10-year term maturing January 1, 2023, payable in monthly payments of $77,625, including interest calculated at a rate of 4.05% per annum, secured by a mortgage on the commercial property Cedar Hills loan payable, Citizen’s Bank of Canada, 10-year term maturing November 1, 2022, payable in monthly payments of $78,497, including interest calculated at a rate of 3.95% per annum, secured by a mortgage on the commercial property

$ 2,998

$

-

5,059

-

4,253

4,138

14,000

13,624

14,231

13,840

$ 40,541

$ 31,602

Sinking fund installments and mortgage payments on net outstanding debenture debt and loans payable over the next five years and thereafter are as follows:

Sinking fund installments and actuarial adjustments

Loan payments

Total

2016

$

5,323

$

917

$

6,240

2017

5,536

954

6,490

2018

5,757

993

6,750

2019

5,988

1,033

7,021

2020

6,227

1,074

7,301

2021 and thereafter

167,485

26,631

194,116

Total

$

196,316

$

31,602

$

227,918

Interest charges on debt are as follows:

2014

2015

$

8,097

$

8,097

Cash for interest payments

(5)

-

Change in interest accrued

Total interest expense

$

8,092

$

8,097

66

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